In an interview with Bloomberg on Monday, Atlanta Federal Reserve Bank President Raphael Bostic said that it is going to take a while before they are certain that inflation is going back down to 2%.
Key takeaways
"Data for first part of years on inflation have been very bumpy."
"Business leaders tell me things are slowing down, but very slowly."
"Momentum in the economy will take a while to play through."
"Pricing power is weakening."
"My outlook is inflation will continue to fall this year and into 2025."
"Our new steady state on interest rates is likely to be higher than what people have been used to for past decade."
"Fed is open to all possibilities on path of the economy."
"Risks are really balanced right now."
"Firms tell me labor market weaker than last year, but not soft."
"Our policy stance is restrictive."
Market reaction
The US Dollar Index showed no reaction to these comments and was last seen posting small gains at 104.55.
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